Goldman Sachs Names Powell to Lead Urban Investment Group

Goldman Sachs Group Inc., the fifth-largest U.S. bank by assets, named Dina H. Powell, who leads the firm’s charitable efforts, to also head its urban investment group that makes socially minded deals. Photographer: Amanda Gordon/Bloomberg

Feb. 3 (Bloomberg) -- Goldman Sachs Group Inc., the fifth-largest U.S. bank by assets, named Dina H. Powell, who leads the
firm’s charitable efforts, to also head its urban investment
group that makes socially minded deals.

Powell will retain her role as head of the office of
corporate engagement and join the management team of the bank
subsidiary, according to an internal memo sent by Goldman Sachs
Chief of Staff John Rogers and Esta Stecher, the head of Goldman
Sachs Bank USA.

Powell has helped Goldman Sachs develop its 10,000 Small
Businesses initiative that provides training and loans to
entrepreneurs. The urban investment group, or UIG, has created
the Goldman Sachs Social Impact Fund, which provided financing
to a program announced last week to cut recidivism among youth
in Massachusetts.

“UIG has evolved its mission to focus on impact investing,
deploying more than $3 billion in loans and equity investments
to revitalize neighborhoods and support underserved
communities,” Rogers and Stecher wrote in the memo. “More
recently, UIG has led the way in developing creative market-based solutions to help address significant economic and public
policy challenges.”

Powell joined New York-based Goldman Sachs in 2007 and was
named a partner in 2010. She previously served as U.S. assistant
secretary of state for educational and cultural affairs in
George W. Bush’s administration.

Powell’s expanded duties were reported earlier today by the
New York Times.